Home Prices on the move
The U.S. housing market is still sputtering, but other places in the world are zooming.
CNBC.com recently did a slideshow showing 20 countries where home prices are rising. Many of the strongest markets are in western Europe, despite the region’s economic woes.
Housing in Britain has jumped about 9 percent over the past year. The average home in Central London costs nearly $900,000 — about the same as in downtown Los Angeles.
Sweden, Norway and Finland all saw home prices rise by more than 10 percent over the past year.
Among emerging markets, India, Malaysia, South Africa, Singapore and Colombia all saw appreciation.
Then there’s China, where a 68 percent jump in key cities of China prompted government moves to slow things down on the property front. The average home price in Beijing cost nearly 20 times average annual income, according to data from CLSA.
Renters are also feeling the squeeze — China’s Xinhua news agency reported last month that rental rates in Beijing exceeded the average monthly income for many of the city’s migrant workers.
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The Knight Frank Global House Price Index is compiled using official government statistical office or central bank data where possible. In some instances reliable indices from third-party sources have been used.